Ref. No.: MUM/SEC/240-01/2021 | |
January 19, 2021 | |
To, | To, |
General Manager | Vice-President |
Listing Department | Listing Department |
BSE Limited | National Stock Exchange of India Ltd |
Phiroze Jeejeebhoy Tower, | Exchange Plaza, 5th Floor, Plot C/1, |
14th Floor, Dalal Street, | G Block, Bandra-Kurla Complex, |
Mumbai - 400 001 | Bandra (East), Mumbai - 400 051 |
Equity (BSE: 540716/ NSE: ICICIGI); Debt (BSE: 954492/ NSE: ILGl26)
Dear Sir/Madam,
Sub: Outcome of the Board Meeting held on January 19, 2021
Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that the Board of Directors of the Company, at their Meeting held today i.e. Tuesday, January 19, 2021 in Mumbai, have inter-alia approved:
- Audited Financial Results of the Company for the quarter and nine months ended December 31, 2020. A copy of the Audited Financial Results for the quarter and nine months ended December 31, 2020 together with the Statutory Auditors' Report in the prescribed format is enclosed herewith. A copy of the press release being issued in this connection is also attached.
- Re-appointmentof Mr. Uday Chitale (DIN: 00043268) as a Non-executive, Independent Director of the Company, not liable to retire by rotation, for the second term of five (5) consecutive years effective from April 19, 2021 to April 18, 2026, subject to approval of the Members. Further, pursuant to Section 48A of the Insurance Act, 1938, the re-appointment is subject to the approval of IRDAI.
- Re-appointmentof Mr. Suresh Kumar (DIN: 00494479) as a Non-executive, Independent Director of the Company, not liable to retire by rotation, for the second term of five (5) consecutive years effective from June 1, 2021 to May 31, 2026, subject to approval of the Members of the Company.
- Re-appointmentof Mr. Ved Prakash Chaturvedi (DIN: 00030839) as a Non- executive, Independent Director of the Company, not liable to retire by rotation, for the second term of five (5) consecutive years effective from July 13, 2021 to July 12, 2026, subject to approval of the Members of the Company.
The Board has decided to seek the approval of Members of the Company for reappointment of Mr. Uday Chitale, Mr. Suresh Kumar and Mr. Ved Prakash Chaturvedi as Non-executive, Independent Directors of the Company, as mentioned above, through Postal Ballot.
ICICI Lombard General Insurance Company Limited
IRDA Reg. No. 115 | CIN: L67200MH2000PLC129408 | |
Mailing Address: | Registered Office: | Toll free No. : 1800 2666 |
401 & 402, 4th Floor, Interface 11, | ICICI Lombard House, 414, Veer Savarkar Marg, | Alternate No.: +91 8655222666 |
(Chargeable) | Near Siddhi Vinayak Temple, Prabhadevi, | Email: customersupport@icicilombard.com |
New Linking Road, Malad (West), | Mumbai - 400 025 | Website: www.icicilombard.com |
Mumbai - 400 064 | ||
Further, pursuant to the requirements of Listing Regulations, please note the below details:
Mr. Uday Chitale | |
(DIN: 00043268) | |
Reason for change in | Re-appointment of Non-executive, Independent Director of |
Directorships | the Company. |
Date of re-appointment | April 19, 2021 |
Brief Profile of Director | Mr. Uday Chitale is a Chartered Accountant with |
professional standing of over 45 years. He is senior partner | |
the Mumbai headquartered firm M/s M. P. Chitale & Co. Mr. | |
Chitale has extensive experience spanning varied | |
businesses as auditor and management advisor and has | |
assisted clients in business organization, governance & | |
strategy, commercial dispute resolution & negotiations, | |
foreign collaborations & joint ventures, M & A transactions | |
and valuations. | |
Mr. Chitale is a non-executive Independent Director at | |
some prominent corporates that include ICICI Bank, ICICI | |
Lombard General Insurance Company, India Infradebt and | |
Axis Mutual Fund Trustee Limited. | |
His past directorships include Finolex Industries, NCDEX, | |
JSW Steel, GMR Infrastructure, JSW Energy, ICICI | |
Securities, ICICI Primary Dealership, United Western Bank | |
and Jana Small Finance Bank. | |
Mr. Chitale served as a Director and Vice-President Asia | |
Pacific of DFK International, a global network of accounting | |
firms and business advisors. | |
He is a member of investment advisory committee of an AIF | |
- Innovation in Food and Agriculture Fund. He is a member | |
of the Board of Governors of National Institute of Securities | |
Markets (NISM). |
Mr. Chitale is also active as Mediator in the field of alternative dispute resolution (ADR) - arbitration and conciliation of commercial disputes. He is the founder of Indian Council for Dispute Resolution and has done pioneering work in promoting mediation and conciliation and creating awareness of ADR amongst industrial and business community. An Accredited Mediator of CEDR-UK,
ICICI Lombard General Insurance Company Limited
IRDA Reg. No. 115 | CIN: L67200MH2000PLC129408 | |
Mailing Address: | Registered Office: | Toll free No. : 1800 2666 |
401 & 402, 4th Floor, Interface 11, | ICICI Lombard House, 414, Veer Savarkar Marg, | Alternate No.: +91 8655222666 |
(Chargeable) | Near Siddhi Vinayak Temple, Prabhadevi, | Email: customersupport@icicilombard.com |
New Linking Road, Malad (West), | Mumbai - 400 025 | Website: www.icicilombard.com |
Mumbai - 400 064 | ||
Mr. Chitale is on the panel of ADR practitioners of leading | ||||||||||||||||||||||
arbitral institutions. | ||||||||||||||||||||||
Mr. Chitale has served on expert committees set up by | ||||||||||||||||||||||
Institute of Chartered Accountants of India (ICAI), | ||||||||||||||||||||||
Securities and Exchange Board of India (SEBI), Reserve | ||||||||||||||||||||||
Bank | of | India | (RBI), | Insurance | Regulatory | and | ||||||||||||||||
Development Authority (IRDA), Indian Banks' Association | ||||||||||||||||||||||
(IBA) and several industry associations and chambers of | ||||||||||||||||||||||
commerce. He has also been associated with public bodies | ||||||||||||||||||||||
and socially relevant institutions in honorary capacity. | ||||||||||||||||||||||
Disclosure of | Mr. Uday | Chitale | is | not | related to | any Director | of | the | ||||||||||||||
relationship between | Company | |||||||||||||||||||||
Directors | ||||||||||||||||||||||
Mr. Ved Prakash Chaturvedi | Mr. Suresh Kumar | |||||||||||||||||||||
(DIN: 00030839) | (DIN: : 00494479) | |||||||||||||||||||||
Reason for | Re-appointment | of | Non- | Re-appointment of Non- | ||||||||||||||||||
change in | executive, | Independent | executive, Independent Director | |||||||||||||||||||
Directorships | Director of the Company. | of the Company. | ||||||||||||||||||||
Date of re- | July 13, 2021 | June 1, 2021 | ||||||||||||||||||||
appointment | ||||||||||||||||||||||
Brief Profile of | Mr. Ved Prakash | Chaturvedi, | Mr. | Suresh | Muthukrishna | |||||||||||||||||
Director | aged | 55, | is | Non-executive, | Kumar, aged 70, is an | |||||||||||||||||
Independent | Director | of | the | Independent | Director | of | the | |||||||||||||||
Company. He holds a post | Company since June 1, 2016. | |||||||||||||||||||||
graduate | diploma | in | He holds a Bachelor of | |||||||||||||||||||
management | from | Indian | Commerce | (B. | Com. | Hons.) | ||||||||||||||||
Institute | of | Management, | degree from the University of | |||||||||||||||||||
Bengaluru. | He | has | been | Bombay | and | completed | ||||||||||||||||
associated with our Company | Advanced | Management | ||||||||||||||||||||
since July 13, 2016. He has | Programme | at | the | London | ||||||||||||||||||
experience | in | building | Business | School, | Stanford | |||||||||||||||||
investment | management | and | University | and | Columbia | |||||||||||||||||
wealth | management | University. He is a Fellow of the | ||||||||||||||||||||
businesses | both | organically | Indian | Institute | of | Bankers | ||||||||||||||||
and | through | acquisitions. | (FIIB). | |||||||||||||||||||
Previously, he worked with Tata | ||||||||||||||||||||||
Asset Management Limited as | He has over 45 years of | |||||||||||||||||||||
the | managing | director | from | experience | in | project finance, | ||||||||||||||||
October 2004 to October 2010 | corporate | banking, | remedial | |||||||||||||||||||
and with L & T Investment | credit | management, | treasury | |||||||||||||||||||
Management | Limited | as | a | and | capital | markets, | asset | |||||||||||||||
director from September 2011 | management | and investment | ||||||||||||||||||||
to September 2014. He has | banking activities. He is a Board | |||||||||||||||||||||
served on the board of | Member | of | ICICI | Prudential | ||||||||||||||||||
Association of Mutual Funds in | Asset | Management | Company | |||||||||||||||||||
ICICI Lombard General Insurance Company Limited | ||||||||||||||||||||||
IRDA Reg. No. 115 | CIN: L67200MH2000PLC129408 | |||||||||||||||||||||
Mailing Address: | Registered Office: | Toll free No. : 1800 2666 | ||||||||||||||||||||
401 & 402, 4th Floor, Interface 11, | ICICI Lombard House, 414, Veer Savarkar Marg, | Alternate No.: +91 8655222666 | ||||||||||||||||||||
(Chargeable) | Near Siddhi Vinayak Temple, Prabhadevi, | Email: customersupport@icicilombard.com | ||||||||||||||||||||
New Linking Road, Malad (West), | Mumbai - 400 025 | Website: www.icicilombard.com | ||||||||||||||||||||
Mumbai - 400 064 | ||||||||||||||||||||||
India (AMFI) from June 2004 to | Limited since April 2011, Aster | |||||||
September 2010. | DM Healthcare Limited | since | ||||||
September | 2015, | Values | ||||||
Alternative | Investments | |||||||
International | Private | Limited | ||||||
since | September | 2008 | and | |||||
Tricolour Financial Services Pvt. | ||||||||
Ltd. since July 2017. He is also | ||||||||
an Oversight Board Member of | ||||||||
Emirates REITs (Real | Estate | |||||||
Investment Trust) in the UAE's | ||||||||
DIFC jurisdiction. He is the | ||||||||
Managing Director | of | Tricolour | ||||||
Values | Investments | PSC | and | |||||
also | an | Oversight | Board | |||||
Member in the DIFC. He is | ||||||||
Chairman of the Indian Business | ||||||||
& Professional Council (IBPC) in | ||||||||
Dubai. | ||||||||
Disclosure of | Mr. Ved Prakash Chaturvedi is | Mr. Suresh Kumar is not related | ||||||
relationship | not related to any Director of the | to any Director of the Company. | ||||||
between | Company. | |||||||
Directors |
Further, we affirm that Mr. Uday Chitale (DIN: 00043268), Mr. Suresh Kumar (DIN:
00494479) and Mr. Ved Prakash Chaturvedi (DIN: 00030839) have not been debarred from holding the office of director by virtue of any SEBI order or any other such authority.
The Meeting of the Board of Directors of the Company commenced at 4.25 p.m. (IST) and concluded at 6:30 p.m. (IST).
The above information is being made available on the Company's website www.icicilombard.com
You are requested to kindly take the same on records.
Thanking you,
Yours Sincerely,
For ICICI Lombard General Insurance Company Limited
Digitally signed by Vikas
Vikas Mehra Mehra
Date: 2021.01.19 18:54:02 +05'30'
Vikas Mehra
Company Secretary
ICICI Lombard General Insurance Company Limited
IRDA Reg. No. 115 | CIN: L67200MH2000PLC129408 | |
Mailing Address: | Registered Office: | Toll free No. : 1800 2666 |
401 & 402, 4th Floor, Interface 11, | ICICI Lombard House, 414, Veer Savarkar Marg, | Alternate No.: +91 8655222666 |
(Chargeable) | Near Siddhi Vinayak Temple, Prabhadevi, | Email: customersupport@icicilombard.com |
New Linking Road, Malad (West), | Mumbai - 400 025 | Website: www.icicilombard.com |
Mumbai - 400 064 | ||
ICICI Lombard General Insurance Company Limited
CIN: L67200MH2000PLC129408
Registered Office Address: ICICI Lombard House, 414, Veer Savarkar Marg,
Near Siddhivinayak Temple, Prabhadevi, Mumbai-400025, Maharashtra
IRDAI Registration No. 115 dated August 3, 2001
[Pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated 30.01.2017]
Annexure-I
Statement of Audited Results for the Quarter and year to date ended December 31, 2020
Sl.
No.Particulars
OPERATING RESULTS 1
-
Net Premium written 1
3 Premium Earned (Net)
4 Income from investments (net) 2
(a) Foreign exchange gain / (loss)
- (b) Investment income from pool (Terrorism / Nuclear)
- Contribution from Shareholders Funds towards excess EOM
- Miscellaneous Income
- Total income (3 to 5)
-
Commissions & Brokerage (net)
8 Net commission 3
(a)
- (b) Other operating expenses (i+ii+iii)
- Advertisement and publicity
- Sales promotion
- Other expenses
- Premium Deficiency Incurred Claims
- (a) Claims Paid
- Change in Outstanding Claims (Including IBNR/IBNER)
- Total Expense (8+9+10+11)
- Underwriting Profit/ (Loss) (3-12)
- Provisions for doubtful debts (including bad debts written off)
- Provisions for diminution in value of investments
- Operating Profit/(Loss) (6-12) Appropriations
- (a) Transfer to Profit and Loss A/c
- Transfer to Reserves
NON-OPERATING RESULTS
- (a) Transfer from Policyholders' Fund
- Income from investments
- Other income
- Expenses other than those related to insurance business
20
- Provisions for diminution in value of investments
- Total Expense (19+20+21)
- Profit / (Loss) before extraordinary items (18-22)
- Extraordinary Items
- Profit/ (Loss) before tax (23-24)
- Provision for tax
- Profit / (Loss) after tax (PAT)
9
3 months ended / As at | Year to date ended / As at | Year ended / As at | |||
December 31, 2020 | September 30, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | March 31, 2020 |
Audited | Audited | Audited | Audited | Audited | Audited |
411,174 | 325,451 | 376,946 | 1,076,046 | 1,036,079 | 1,359,237 |
320,886 | 249,220 | 265,758 | 792,019 | 720,916 | 964,069 |
261,141 | 246,252 | 245,616 | 739,777 | 705,797 | 940,352 |
44,188 | 40,856 | 33,636 | 124,444 | 112,413 | 154,250 |
(166) | 73 | 3 | 8 | 52 | 302 |
697 | 1,073 | 561 | 2,635 | 1,622 | 2,477 |
- | - | - | - | - | 7,508 |
31 | 86 | 74 | 334 | 313 | 387 |
305,891 | 288,340 | 279,890 | 867,198 | 820,197 | 1,105,276 |
22,439 | 16,514 | 7,705 | 49,115 | 19,361 | 36,399 |
22,439 | 16,514 | 7,705 | 49,115 | 19,361 | 36,399 |
16,477 | 17,762 | 16,844 | 54,628 | 50,750 | 67,969 |
7,683 | 2,443 | 1,950 | 11,921 | 14,828 | 17,372 |
41,148 | 29,425 | 29,647 | 91,445 | 65,299 | 86,251 |
14,888 | 15,071 | 15,631 | 43,143 | 41,967 | 57,718 |
- | - | - | - | - | - |
158,455 | 120,027 | 137,883 | 386,613 | 378,261 | 512,917 |
13,592 | 45,350 | 38,160 | 112,977 | 142,904 | 172,241 |
274,682 | 246,592 | 247,820 | 749,842 | 713,370 | 950,867 |
(13,541) | (340) | (2,204) | (10,065) | (7,573) | (10,515) |
- | - | - | - | - | - |
- | - | - | - | - | - |
31,209 | 41,748 | 32,070 | 117,356 | 106,827 | 154,409 |
31,209 | 41,748 | 32,070 | 117,356 | 106,827 | 154,409 |
- | - | - | - | - | - |
31,209 | 41,748 | 32,070 | 117,356 | 106,827 | 154,409 |
13,990 | 12,362 | 10,064 | 37,800 | 34,679 | 46,444 |
6 | 9 | 1,535 | 17 | 1,546 | 1,557 |
2,701 | 5,348 | 2,100 | 10,228 | 6,177 | 15,886 |
341 | 343 | 2,577 | 1,252 | 4,223 | 4,820 |
340 | (7,029) | - | (6,691) | 27 | 12,015 |
3,382 | (1,338) | 4,677 | 4,789 | 10,427 | 32,721 |
41,823 | 55,457 | 38,992 | 150,384 | 132,625 | 169,689 |
- | - | - | - | - | - |
41,823 | 55,457 | 38,992 | 150,384 | 132,625 | 169,689 |
10,470 | 13,883 | 9,581 | 37,647 | 41,442 | 50,313 |
31,353 | 41,574 | 29,411 | 112,737 | 91,183 | 119,376 |
28 | (a) | Interim Dividend | - | - | 3.50 | - | 3.50 | 3.50 | |||
(b) Final Dividend | - | - | - | - | 3.50 | 3.50 | |||||
29 | Profit / (Loss) carried to Balance Sheet | 517,268 | 485,915 | 376,333 | 517,268 | 376,333 | 404,531 | ||||
30 | 45,453 | 45,450 | 45,444 | 45,453 | 45,444 | 45,447 | |||||
31 | Reserve & Surplus (Excluding Revaluation Reserve) | 681,173 | 649,545 | 539,685 | 681,173 | 539,685 | 567,957 | ||||
32 | Share Application Money Pending Allotment | 17 | 35 | 25 | 17 | 25 | 21 | ||||
33 | Fair Value Change Account and Revaluation Reserve | 60,739 | 21,918 | 19,340 | 60,739 | 19,340 | (42,863) | ||||
34 | 48,500 | 48,500 | 48,500 | 48,500 | 48,500 | 48,500 | |||||
Total Assets: | |||||||||||
(a) Investments: | |||||||||||
35 | - Shareholders' Fund | 722,046 | 682,662 | 571,561 | 722,046 | 571,561 | 585,957 | ||||
- Policyholders' Fund | 2,267,156 | 2,233,533 | 1,912,965 | 2,267,156 | 1,912,965 | 2,046,716 | |||||
(b) Other Assets (Net of current liabilities and provisions) | (2,153,321) | (2,150,747) | (1,831,533) | (2,153,321) | (1,831,533) | (2,013,611) | |||||
Analytical Ratios 4 : | |||||||||||
(i) | Solvency Ratio4a | 2.76 | 2.74 | 2.18 | 2.76 | 2.18 | 2.17 | ||||
(ii) | Expenses of Management Ratio4b | 29.4% | 30.2% | 26.9% | 28.3% | 26.1% | 26.6% | ||||
(iii) | Incurred Claim Ratio | 65.9% | 67.2% | 71.7% | 67.5% | 73.8% | 72.9% | ||||
(iv) | Net Retention Ratio | 78.0% | 76.6% | 70.5% | 73.6% | 69.6% | 70.9% | ||||
(v) | Combined Ratio | 97.9% | 99.7% | 98.7% | 99.1% | 100.5% | 100.4% | ||||
(vi) | |||||||||||
(a) Basic and diluted EPS before extraordinary items (net of tax | |||||||||||
expense) for the period 5 | |||||||||||
(b) Basic and diluted EPS after extraordinary items (net of tax expense) | |||||||||||
36 | for the period 5 | ||||||||||
(vii) | NPA ratios: | ||||||||||
(a) Gross and Net NPAs | - | - | - | - | - | - | |||||
(b) % of Gross & Net NPAs | - | - | - | - | - | - | |||||
(viii) | Yield on Investments 5,6,7 | ||||||||||
(a) Without unrealized gains8 | 1.96% | 2.07% | 1.77% | 5.94% | 6.28% | 7.94% | |||||
(b) With unrealised gains | 4.36% | 2.24% | 2.33% | 12.02% | 7.23% | 7.49% | |||||
(ix) | Public shareholding | ||||||||||
(a) No. of shares | 218,687,818 | 218,652,678 | 200,592,148 | 218,687,818 | 200,592,148 | 200,622,458 | |||||
(b) Percentage of shareholding | 48.12% | 48.11% | 44.14% | 48.12% | 44.14% | 44.15% | |||||
(c) % of Government holding | - | - | - | - | - | - | |||||
(in case of public sector insurance companies) | - | - | - | - | - | - |
Footnotes:
-
Net of reinsurance (Including Excess of Loss Reinsurance).
2 Including capital gains, net of amortisation and losses.
3 Commission is net of commission received on reinsurance cession.
4 Analytical ratios have been calculated as per definition given in IRDAI analytical ratios disclosures.
4a The Solvency has been computed at the last day of the period.
4b The Expenses of Management has been computed on the basis of Gross Direct Premium
- Not annualised
- Excludes unrealised gains or losses on real estate and unlisted equity
-
Yield on investments with unrealised gains is computed using the modified Dietz method
8 The computation is based on time weighted average book value.
Annexure-II
[Pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated 30.01.2017]
Segment1 Reporting for the Quarter and year to date ended December 31, 2020
Sl. No. | Particulars | 3 months ended / As at | Year to date ended / As at | Year ended / As at | |||
December 31, 2020 | September 30, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | March 31, 2020 | ||
Audited | Audited | Audited | Audited | Audited | Audited | ||
1 | Segment Income: | ||||||
(A) Fire | |||||||
Net Premium Earned | 13,408 | 12,522 | 8,053 | 35,537 | 19,015 | 27,358 | |
Income from Investments | 64 | 1,513 | 41 | 2,792 | 2,113 | 3,893 | |
Other Income | 500 | 812 | 259 | 2,119 | 1,061 | 1,779 | |
(B) Marine | |||||||
Net Premium Earned | 7,450 | 5,309 | 6,415 | 18,728 | 18,648 | 25,632 | |
Income from Investments | 543 | 516 | 447 | 1,569 | 1,743 | 2,202 | |
Other Income | (19) | (6) | (50) | 4 | (18) | 17 |
- Health including Personal Accident*
- Health Retail
Net Premium Earned | 18,483 | 18,206 | 17,712 | 54,122 | 52,132 | 69,655 | |
Income from Investments | 1,952 | 1,929 | 1,635 | 5,679 | 5,752 | 7,791 | |
Other Income | - | 8 | 3 | 23 | 20 | 7,464 | |
(ii) Health Group, Corporate | |||||||
Net Premium Earned | 49,482 | 45,673 | 41,926 | 136,555 | 118,375 | 156,388 | |
Income from Investments | 3,986 | 4,051 | 2,897 | 11,814 | 10,227 | 13,850 | |
Other Income | (158) | (49) | 52 | (232) | 229 | 526 | |
(iii) Health Government Business | |||||||
Net Premium Earned | 25 | 20 | 263 | 51 | 257 | 176 | |
Income from Investments | 50 | 74 | 35 | 181 | 135 | 253 | |
Other Income | - | - | - | - | - | 68 | |
(D) Miscellaneous | |||||||
(i) Miscellaneous Retail | |||||||
Net Premium Earned | 1,345 | 1,501 | 1,117 | 4,204 | 4,383 | 6,009 | |
Income from Investments | 791 | 741 | 669 | 2,284 | 2,673 | 3,540 | |
Other Income | - | 1 | 3 | 1 | - | - | |
(ii) Miscellaneous Group, Corporate | |||||||
Net Premium Earned | 12,089 | 11,954 | 11,363 | 34,775 | 32,563 | 42,981 | |
Income from Investments | 1,821 | 1,625 | 1,352 | 5,017 | 4,654 | 6,238 | |
Other Income | 143 | 391 | 295 | 786 | 477 | 513 | |
(E) Crop Insurance | |||||||
Net Premium Earned | 1 | 88 | 469 | 737 | 1,606 | 173 | |
Income from Investments | 512 | 812 | 146 | 2,127 | 886 | 1,968 | |
Other Income | - | (1) | - | - | 1 | - | |
(F) Motor | |||||||
Net Premium Earned | 158,858 | 150,979 | 158,298 | 455,068 | 458,818 | 611,980 | |
Income from Investments | 34,469 | 29,595 | 26,414 | 92,981 | 84,230 | 114,515 | |
Other Income | 96 | 76 | 76 | 276 | 217 | 307 | |
2 | Premium Deficiency | ||||||
(A) Fire | - | - | - | - | - | - | |
(B) Marine | - | - | - | - | - | - | |
(C) Health including Personal Accident* | |||||||
(i) Health Retail | - | - | - | - | - | - | |
(ii) Health Group, Corporate | - | - | - | - | - | - | |
(iii) Health Government Business | - | - | - | - | - | - | |
(D) Miscellaneous | |||||||
(i) Miscellaneous Retail | - | - | - | - | - | - | |
(ii) Miscellaneous Group, Corporate | - | - | - | - | - | - | |
(E) Crop Insurance | - | - | - | - | - | - | |
(F) Motor | - | - | - | - | - | - |
- Segment Underwriting Profit / (Loss):
(A) Fire | 4,174 | 544 | 2,753 | 3,546 | 1,855 | 3,843 |
(B) Marine | (20) | (576) | 472 | (2,048) | 750 | 1,328 |
(C) Health including Personal Accident* | ||||||
(i) Health Retail | 34 | (3,251) | (93) | (4,541) | 3,825 | 3,065 |
(ii) Health Group, Corporate | 2,319 | (1,948) | 7,281 | (2,655) | 14,296 | 15,755 |
(iii) Health Government Business | 1,342 | - | 594 | 1,286 | 940 | 981 |
(D) Miscellaneous | ||||||
(i) Miscellaneous Retail | 819 | 1,035 | 4,928 | 2,986 | 6,337 | 7,575 |
(ii) Miscellaneous Group, Corporate | 2,711 | 334 | 1,385 | 3,954 | 4,502 | 5,886 |
(E) Crop Insurance | 65 | (123) | (92) | (293) | (1,020) | (345) |
(F) Motor | (24,985) | 3,645 | (19,432) | (12,300) | (39,058) | (48,603) |
Sl. No. | Particulars | 3 months ended / As at | Year to date ended / As at | Year ended / As at | |||
December 31, 2020 | September 30, 2020 | December 31, 2019 | December 31, 2020 | December 31, 2019 | March 31, 2020 | ||
Audited | Audited | Audited | Audited | Audited | Audited | ||
4 | Segment Operating Profit / (Loss): | ||||||
(A) Fire | 4,737 | 2,869 | 3,052 | 8,456 | 5,028 | 9,514 | |
(B) Marine | 503 | (66) | 868 | (476) | 2,474 | 3,547 | |
(C) Health including Personal Accident* | |||||||
(i) Health Retail | 1,987 | (1,313) | 1,545 | 1,162 | 9,597 | 18,320 | |
(ii) Health Group, Corporate | 6,147 | 2,054 | 10,230 | 8,927 | 24,753 | 30,131 | |
(iii) Health Government Business | 1,393 | 73 | 629 | 1,468 | 1,075 | 1,301 | |
(D) Miscellaneous | |||||||
(i) Miscellaneous Retail | 1,609 | 1,776 | 5,601 | 5,270 | 9,011 | 11,115 | |
(ii) Miscellaneous Group, Corporate | 4,675 | 2,351 | 3,033 | 9,757 | 9,634 | 12,637 | |
(E) Crop Insurance | 578 | 689 | 54 | 1,835 | (134) | 1,625 | |
(F) Motor | 9,580 | 33,315 | 7,058 | 80,957 | 45,389 | 66,219 | |
5 | Segment Technical Liabilities: | ||||||
Unexpired Risk Reserve - Net | |||||||
(A) Fire | 35,104 | 35,098 | 22,501 | 35,104 | 22,501 | 21,948 | |
(B) Marine | 7,644 | 8,450 | 7,690 | 7,644 | 7,690 | 6,071 | |
(C) Health including Personal Accident* | |||||||
(i) Health Retail | 56,081 | 56,789 | 54,920 | 56,081 | 54,920 | 57,723 | |
(ii) Health Group, Corporate | 124,255 | 133,410 | 114,824 | 124,255 | 114,824 | 120,579 | |
(iii) Health Government Business | 37 | 54 | - | 37 | - | - | |
(D) Miscellaneous | |||||||
(i) Miscellaneous Retail | 30,492 | 30,868 | 33,516 | 30,492 | 33,516 | 32,771 | |
(ii) Miscellaneous Group, Corporate | 29,748 | 27,235 | 25,744 | 29,748 | 25,744 | 25,285 | |
(E) Crop Insurance | - | 1 | - | - | - | - | |
(F) Motor | 352,696 | 284,408 | 316,021 | 352,696 | 316,021 | 319,439 | |
Outstanding Claims Reserves Including IBNR & | |||||||
IBNER - Gross | |||||||
(A) Fire | 235,649 | 222,588 | 184,878 | 235,649 | 184,878 | 194,589 | |
(B) Marine | 101,824 | 102,171 | 58,441 | 101,824 | 58,441 | 58,990 | |
(C) Health including Personal Accident* | |||||||
(i) Health Retail | 41,847 | 41,279 | 33,272 | 41,847 | 33,272 | 32,026 | |
(ii) Health Group, Corporate | 104,973 | 99,360 | 64,797 | 104,973 | 64,797 | 63,254 | |
(iii) Health Government Business | 7,785 | 10,863 | 11,094 | 7,785 | 11,094 | 10,743 | |
(D) Miscellaneous | |||||||
(i) Miscellaneous Retail | 3,816 | 3,726 | 3,948 | 3,816 | 3,948 | 3,634 | |
(ii) Miscellaneous Group, Corporate | 147,096 | 141,066 | 123,509 | 147,096 | 123,509 | 129,216 | |
(E) Crop Insurance | 44,224 | 96,959 | 265,664 | 44,224 | 265,664 | 252,894 | |
(F) Motor | 1,165,018 | 1,143,939 | 1,020,708 | 1,165,018 | 1,020,708 | 1,055,391 |
Footnote:
- Segments include : (A) Fire, (B) Marine, (C) Health including Personal Accident - (i) Health Retail, (ii) Health Group, and (iii) Health Government Schemes, (D) Miscellaneous - (i) Retail, (ii) Group / Corporate, (E) Crop Insurance, (F) Motor
- * includes Travel Insurance
Other Disclosures*
Status of Shareholders Complaints for the nine months ended December 31, 2020
Sr No Particulars | Number | |
1 | No. of Investor complaints pending at the beginning of period | 0 |
2 | No. of Investor complaints during the period | 0 |
3 | No. of Investor complaints disposed off during the period | 0 |
4 | No. of Investor complaints remaining unresolved at the end of the period | 0 |
* The above disclosure is not required to be audited.
Notes forming part of Annexure I and Annexure II
- The above financial results of the Company for the quarter and year to date ended December 31, 2020 were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at its Meeting held on January 19, 2021.
- The above financial results were audited by the joint statutory auditors, Chaturvedi & Co., Chartered Accountants and PKF Sridhar & Santhanam LLP, Chartered Accountants who have issued unmodified opinion on these financial results.
3
- During the quarter ended June 30, 2020, the company had made certain changes to its Employee Privilege Leave plan, introducing an option to encash accumulated leave on separation from the
Company. Consequently, the additional charge, computed actuarially, for the quarter ended December 31, 2020 is 312 Lakhs (for the quarter ended September 30, 2020 is 91 Lakhs) and year
5 Other income (non-operating results) includes interest on income tax refund for the quarter ended December 31, 2020 : NIL (for the quarter ended September 30, 2020 : NIL), for year to date
- During the quarter ended December 31, 2020, the Company has made an impairment of 340 Lakhs, for the quarter ended September 30, 2020 the Company has reversed previously assessed impairment of 7,029 Lakhs as underlying securities were sold, and the resultant losses were recognised and for the year to date ended the Company has reversed impairment (net of impairment made in quarter ended December 31, 2020) of 6,691 Lakhs (During the year ended March 31, 2020, the Company created an impairment provision of 12,015 lakhs on assessment of impairment of certain securities).
- The Company has used the principles of prudence in applying judgments, estimates and assumptions to assess and provide for the impact of the CoViD-19 pandemic on the interim condensed financial statements based on internal and external sources of information. However, due to the uncertainties associated with the pandemic, the actual impact may not be in line with the estimates as of the date of approval of the interim condensed financial statements. The Company will continue to closely monitor any changes to the estimates basis future economic conditions. Further, the impact assessment done by the company does not indicate any adverse impact on its ability to continue as a going concern.
- The Board of Directors of the Company at its Meeting held on August 21, 2020, have, inter alia, approved a Scheme of Arrangement amongst Bharti AXA General Insurance Company Limited
or and ICICI Lombard General Insurance Company Limited and their respective shareholders and creditors prepared pursuant to Sections 230 to 232, other applicable provisions of the Companies Act, 2013 read with the rules framed thereunder and Section 35 to 37 and other applicable provisions of the Insurance Act, 1938 (read with the rules and regulations framed thereunder). The Scheme provides inter alia for the demerger of the general insurance business of the Demerged Company into the Company as a going concern with effect from the Appointed Date i.e. April 1, 2020 and, as consideration for the demerger, the issue of 35,756,194 equity shares of the Company to the shareholders of the Demerged Company once the Scheme becomes effective.
The Scheme is subject to, inter alia, applicable statutory and regulatory approvals including from Insurance Regulatory and Development Authority of India Competition Commission of India, Stock Exchanges, Securities and Exchange Board of India, shareholders and creditors of the companies involved in the Scheme and the relevant jurisdictional benches of the National
Company Law Tribunal and will take effect when final approval is received from IRDAI in accordance with the Insurance Act, 1938 read with the Insurance Regulatory Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011 and other rules and regulations framed thereunder.
During the quarter ended December 31, 2020 the Company has received approval from (a) CCI, (b) an in-principle approval from IRDAI under Section 35 to 37 of the Insurance Act, 1938 read with IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011, (c) Observation letters issued by BSE Limited and National Stock Exchange of India Limited, enabling the Company to file the draft Scheme with NCLT. Further, NCLT vide its order has inter alia directed the Company to convene the meeting of its equity shareholders to consider and approve the Scheme. The impact of the scheme shall be given in the Financial Statements as and when the scheme becomes effective.
The expenditure relating to demerger has been charged to profit and loss account under other than those related to insurance for quarter ended December 31, 2020 499
- The Code on Social Security, 2020 relating to employee benefits, during employment and post-employment, received Presidential assent on September 28, 2020. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders. The Company will assess the impact on its financial statements in the period in which the related rules to determine the financial impact are notified and the Code becomes effective.
- The IRDAI, vide its circular IRDA/F&A/CIR/MISC/099/04/2020 dated April 24, 2020 stipulated that, in view of the emerging market conditions and to conserve capital with the insurance companies in the interest of Policyholders and of the economy at large, has urged insurers to take conscious call to refrain from dividend pay-out from profits pertaining to the financial year ended March 31, 2020 till further instructions. This position was to be reassessed by the Authority based on financial results of insurers for the quarter ending September 30, 2020. Further communication from the Authority in this matter is awaited.
- In view of the seasonality of Industry, the financial results for the quarters and year to date ended are not indicative of full year's expected performance.
- In accordance with requirements of IRDAI master circular on preparation of financial statements and filing of returns, the Company will publish the financials on the company's website latest by February 14, 2021.
- Figures of the previous year / quarters and year to date ended have been re-grouped /re-arranged to conform to current year / current quarter and year to date ended presentation.
For and on behalf of the Board | |
ICAI UDIN: 21040479AAAAAO6964 | ICAI UDIN: 21201402AAAAAD9370 |
Mumbai | Bhargav Dasgupta |
January 19, 2021 | Managing Director & CEO |
ICICI Lombard General Insurance Company Limited
CIN: L67200MH2000PLC129408
Registered Office Address: ICICI Lombard House, 414, Veer Savarkar Marg,
Near Siddhivinayak Temple, Prabhadevi, Mumbai-400025, Maharashtra
IRDAI Registration No. 115 dated August 3, 2001
Balance Sheet
As at December 31, 2020
Schedule | At | At | |
December 31, 2020 | March 31, 2020 | ||
Sources of funds | |||
Share capital | 5 | 4,545,316 | 4,544,663 |
Reserves and Surplus | 6 | 68,117,284 | 56,795,679 |
Share application money-pending allotment | 1,681 | 2,145 | |
Fair value change account | 6,073,861 | ||
Shareholders funds | 1,459,788 | (948,118) | |
Policyholders funds | 4,614,073 | (3,338,180) | |
Borrowings | 7 | 4,850,000 | 4,850,000 |
Total | 83,588,142 | 61,906,189 | |
Application of funds | |||
Investments - Shareholders | 8 | 72,204,646 | 58,595,714 |
Investments - Policyholders | 8A | 226,715,577 | 204,671,553 |
Loans | 9 | - | - |
Fixed assets | 10 | 6,381,648 | 6,765,814 |
Deferred tax asset | 4,636,821 | 3,063,067 | |
Current assets | |||
Cash and bank balances | 11 | 1,133,869 | 326,362 |
Advances and other assets | 12 | 81,199,838 | 96,998,375 |
Sub-Total (A) | 82,333,707 | 97,324,737 | |
Current liabilities | 13 | 244,530,288 | 249,798,046 |
Provisions | 14 | 64,153,969 | 58,716,650 |
Sub-Total (B) | 308,684,257 | 308,514,696 | |
Net current assets (C) = (A - B) | (226,350,550) | (211,189,959) | |
Miscellaneous expenditure (to the extent not written off or adjusted) | 15 | - | - |
Debit balance in profit and loss account | - | - | |
Total | 83,588,142 | 61,906,189 |
For Chaturvedi & Co. | For PKF Sridhar & Santhanam LLP | For and on behalf of the Board |
Chartered Accountants | Chartered Accountants | |
Firm Regn No.: 302137E | Firm Regn No.: 003990S/S200018 | |
Mumbai | Bhargav Dasgupta | |
January 19, 2021 | Managing Director & CEO | |
SN Chaturvedi | R. Suriyanarayanan | |
Partner | Partner | |
Membership No: 040479 | Membership No: 201402 |
January 19, 2021
PERFORMANCE FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2020
Gross Direct Premium Income (GDPI) of the Company increased to 105.25 billion in 9M FY2021 compared to 101.32 billion in 9M FY2020, a growth of 3.9%. This was in line with the industry growth.
- GDPI of the Company increased to 40.34 billion in Q3 FY2021 compared to 36.93 billion in Q3 FY2020, a growth of 9.2%. The industry growth for Q3 FY2021 was 4.9%.
Combined ratio improved to 99.1% in 9M FY2021 compared to 100.5% in 9M FY2020.
- Combined ratio improved to 97.9% in Q3 FY2021 compared to 98.7% in Q3 FY2020.
Profit before tax (PBT) grew by 13.4% to 15.04 billion in 9M FY2021 from 13.26 billion in 9M FY2020, whereas PBT grew by 7.3% to 4.18 billion in Q3 FY2021 compared to 3.90 billion in Q3 FY2020. This includes upfront expensing of acquisition cost relative to the growth of 9.2% in GDPI for Q3 FY2021, whereas the full benefit of earned premium will be realized over the policy period.
- Capital gains were at 2.92 billion in 9M FY2021 compared to 2.24 billion in 9M FY2020. Capital gains were at 1.08 billion in Q3 FY2021 compared to 0.17 billion in Q3 FY2020.
Profit after tax (PAT) grew by 23.6% to 11.27 billion in 9M FY2021 compared to
9.12 billion in 9M FY2020, whereas PAT grew by 6.6% to 3.14 billion in Q3 FY2021 from 2.94 billion in Q3 FY2020.
Return on Average Equity (ROAE) was 22.4% in 9M FY2021 compared to 21.8% in 9M FY2020, whereas ROAE was 17.6% in Q3 FY2021 compared to 20.3% in Q3 FY2020. This includes upfront expensing of acquisition cost relative to the growth of 9.2% in GDPI for Q3 FY2021, whereas the full benefit of earned premium will be realized over the policy period.
Solvency ratio was 2.76x at December 31, 2020 as against 2.74x at September 30, 2020 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at March 31, 2020.
Operating Performance Review | ||||||||||||||||||||||||||||||||||||
( | billion) | |||||||||||||||||||||||||||||||||||
Financial | Q3 | Q3 | Growth | 9M | 9M | Growth | ||||||||||||||||||||||||||||||
Indicators | FY2020 | |||||||||||||||||||||||||||||||||||
FY2021 | FY2020 | % | FY2021 | FY2020 | % | |||||||||||||||||||||||||||||||
GDPI | 40.34 | 36.93 | 9.2% | 105.25 | 101.32 | 3.9% | 133.13 | |||||||||||||||||||||||||||||
PBT | 4.18 | 3.90 | 7.3% | 15.04 | 13.26 | 13.4% | 16.97 | |||||||||||||||||||||||||||||
PAT | 3.14 | 2.94 | 6.6% | 11.27 | 9.12 | 23.6% | 11.94 | |||||||||||||||||||||||||||||
Ratios | ||||||||||||||||||||||||||||||||||||
Financial Indicators | Q3 | Q3 | 9M | 9M | FY2020 | |||||||||||||||||||||||||||||||
FY2021 | FY2020 | FY2021 | FY2020 | |||||||||||||||||||||||||||||||||
ROAE (%) | Annualised | 17.6% | 20.3% | 22.4% | 21.8% | 20.8% | ||||||||||||||||||||||||||||||
Combined ratio (%) | 97.9% | 98.7% | 99.1% | 100.5% | 100.4% |
Notes:
Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses Commission on Reinsurance)/ Net Written Premium
Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business
Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)
Net Worth = Share Capital + Reserves & Surplus
About ICICI Lombard General Insurance Company Limited
We are one of the leading private sector non- life insurers in India. We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. More details are available at www.icicilombard.com
For further press queries please get in touch with Ms. Seema Jadhav +91 70459 26209 or email to corporate.communication@icicilombard.com
For investor queries please get in touch with Mr. Sarvesh Agrawal +91 70450 91174 or send an email to sarvesh.agrawal@icicilombard.com/ ir@icicilombard.com
Disclaimer
Except for the historical information contained herein, statements in this release
expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other related services in the countries that we operate or where a material number of our customers reside, the continued service of our senior management, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the outcome of any internal or independent enquiries or regulatory or governmental investigations, investment income, cash flow projections, impact of competition; the impact of changes in capital, solvency ratio, exposure to reputational risk, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Lombard General Insurance Company Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.
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ICICI Bank Ltd. published this content on 20 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2021 12:11:02 UTC